I really learned a lot from reading the posts on mag refinishing, but there is still something I don't understand.  Why is it necessary to use the Moly Film Dry Lube (which ever brand you choose) on the entire exterior of the mag?  I can see the need for a dry lube inside.  But couldn't you also use a quality spray-on like the Krylon BBQ paint?  Is the Moly Film the only product that will adhere to the teflon coating?  Or is it just used to stay Mil-Spec?

Thanks to all who have answered all my questions.  

Most mags are not Teflon coated. They are anodized aluminum. The anodizing process closes the pours in the metal. That makes it difficult for regular paint to adhere.

I have not found a spray paint that will coat thin enough or is durable enough maintain the finish.

I have successfully used Permaslik G and Norell's Molly coat.

Thanks.  Now I understand.

Try any of the automotive grade etching primers.  A light coating first then a topcoat of a good lacquer.  You should be able to get 1 can of each at any automotive parts store for less than $10.  As with any painting job, PREP is most of the job.  
Mine look as good as any new mag I've ever seen and the flat black lacquer is extremely durable.

The Best paint I have used,and it is still holding up,with mags being inserted in my UZI,and my AR's,plus repainting 2 Recievers is K-Kote..It is like a Moly/Resin,the color is actually a powder,you install it with very fine coats,then bake at 300 to 325deg for 30 to 40 min..All of mine are holding up Great..The recievers look like new,and match the Bushmaster Shorty upper i put on the preban OLYARMS rec.. Great stuff,but there is alot of happy campers out there that have used everything from Perma Silk,to Brownells stuff..Degrease,heat it up,degrease again,and paint..

I have used Alumna-Hyde from Brownells.  Works good and is durable as long as you give it 4-5 days drying time.  However, it gives the mags a dark color.  On the other hand this color matches most AR's now days.

I have done several mags in a flat black high temp. spray paint (ie. grill paint).  I then bake the mag body for 30 minutes at 325.  It looks great, sticks like glue, and seems to last ten times better than the mil spec finish.  All my range mags have this finish and they match my Oly perfectly.  I don't use this finish on the inside, only the exterior of the mag body.  I might also note that all my mags drop free after this finish is put on the body.

If the mil spec. finish is so great, why does it scrape off inside a plastic bag?  I have some NIW mags that have severe finish loss and their bag is still in good shape.  Hence, I don't buy anything about how great the moly finish is.  

The key is to prepare the surface.  It needs to be perfectly clean and clear of all the old finish and oil residue.

www.bearcoat.com   They will refinish your preban mag bodies and base plates in current MilSpec TEFLON-S and offer the green followers and Wolff specops mag springs if you need them.
Beautiful and durable finish..worth the cost.
Solid film lube is the old spec on mags and wears off leaving golden color undercoat called irridite..like we used to see at the gunshows.
Teflon inside and out makes them run better then new.